SEC Lawyers Signal Likely Appeal of Ripple Decision in Ongoing Enforcement Case

07/21 23:15

Lawyers for the Securities and Exchange Commission have indicated that they are likely to appeal the portion of the Ripple decision that determined that XRP sales did not fit the criteria of a securities offering. The comments came in a filing to Judge Jed Rakoff of the US District Court for the Southern District of New York in the agency’s case against Terraform Labs and its former CEO Do Kwon. The SEC has made similar arguments that the sales of those tokens were illegal, though they also accuse Terraform and Kwon of $40 billion worth of outright fraud, an allegation not made in the Ripple case. If an appeal is made, it would go to the Second Circuit Court of Appeals.

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